Home
loans are
to take funding
for the purchase
or alteration
of real property.
Home Loans,
Home Loans
extension,
improved housing
loans, NRI
loans and
home loans
fall under
the category
of home loans.
Housing finance
Companies
(HFCs) offer
individuals
with different
options to
choose from
while buying
a home loan.
And the availability
of different
types of home
loans offered
is as varied
as their requirements.
The most common
type of home
loan is for
home construction.
Loans for
home construction
are the most
appropriate
financing
option, if
you are constructing
a new home
or planning
major renovations
to your existing
home. The
documents
that are required
in this case
are slightly
different
from those
who are to
present in
a normal home
loans. If
you bought
the ground
within one
year before
beginning
construction
of your home,
most HFCs
include the
cost of land
as a component
in Loans for
home construction,
the value
of the total
cost property.
Where the
period from
the date of
purchase of
land from
the date of
application
exceeded one
year, the
cost of land
will not be
included in
the total
cost of ownership
while calculating
eligibility.
Another difference
between loans
for home construction
and home loan
is that instead
of a lump
sum payment
to sign an
agreement,
the loan is
usually taken
in stages.
Payments coincide
with the first
purchase of
the land followed
by a number
of stages
of construction.
|
